11:07 AM EDT, 07/02/2025 (MT Newswires) -- (Adds comment and updates shares)

NGEx Minerals ( NGXXF ) on Wednesday released new drill results from the Lunahuasi copper-gold-silver project in Argentina.

The results confirm and extend the known zones of high-grade mineralization, improved the company's understanding of the associated porphyry system and yielded new zone discoveries.

Highlights of the results include 46.8 meters at 9.6% copper equivalent plus 48.9 meters at 7.8% copper equivalent.

Three initial zones discussed in earlier news releases have been named Jupiter, Saturn and Mars. The company said these represent the first group of what will become several distinct high-grade zones within the Lunahuasi deposit.

"Each of these zones represents a significant volume of contiguous high-grade mineralization which we plan to further extend and define with the next phase of drilling," said chief executive Wojtek Wodzicki.

National Bank of Canada maintained its outperform, speculative risk, rating on NGEx shares and its $18.00 price target following the company's release.

The bank said it ascribed a speculative risk rating as a significant portion of its thesis is contingent on exploration success, possible M&A and several de-risking initiatives which remain ahead, including exploration as well as permitting and eventual development.

The bank said it expects management to present a more refined interpretation of the geology at Lunahuasi over the coming months, with more targeted definition drilling next year.

NGEx shares were last seen up $0.83 to $16.73 on the Toronto Stock Exchange.

Price: 16.73, Change: +0.83, Percent Change: +5.22